Question

The unadjusted trial balance for Smith Electronics Company follows:


Requirements
1. Journalize the adjusting entries using the following data:
a. Interest revenue accrued, $ 500.
b. Salaries (Selling) accrued, $ 3,400.
c. Depreciation expense—Equipment (Administrative), $ 1,620.
d. Interest expense accrued $ 1,200.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $ 44,800.
2. Prepare Smith Electronics’ adjusted trial balance as of October 31, 2015.
3. Prepare Smith Electronics’ multi-step income statement for year ended October 31, 2015.
4. Prepare Smith Electronics’ statement of retained earnings for year ended October 31, 2015.
5. Prepare Smith Electronics’ classified balance sheet in report form as of October 31,2015.


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  • CreatedJanuary 16, 2015
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